December 17, 2006
Understanding Credit Score - Soft Credit Score Inquiries
True or False?
You have no business relationship with this credit institution, but ABC Bank can pull your credit report without your approval?
True.
Credit institutions can pull your credit report without your approval. The logic here is they are reviewing your credit to determine if they want to market financial products to you. These inquiries, are called soft inquiries, and do NOT impact your credit score. Hard inquiries are when a financial institution reviews your credit report because you have applied for credit. These hard inquiries do affect your credit score.
Your employer, or prospective employer do need your approval to check your credit report. These inquiries do NOT affect your credit score. You have probably given your approval if you have completed a job application or filled out all of those forms during new job orientation.
More fun tomorrow.
Remember, if you’re not working the system, it’s working you.
PapaJoe
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